It’s your business. Your name is even on the building. It has been in your family for three generations and you feel responsible to maintain the family legacy. Your customers are loyal and your bottom line has never been more healthy. Your dad even told you how proud he was of how well you have done.
Then the unexpected happens. Something you didn’t prepare for. Your business is finished. Except it isn’t; your business insurance guarantees that you can rebuild, replace, and continue—quickly.
Getting Adequate Coverage
Not all business insurance is the same. There are different types of coverage. Only an agent who knows and understands all of the risks your business faces can advise you on the coverage you will want and need. Here are the main types of business insurance to consider:
General Liability Insurance
If you can be blamed in any way, legitimately or not, general liability insurance has got you covered. Your customer may have been foolish to climb your shelves to get at that last item when they fell, but you are still liable. No business should be without general liability insurance.
Product Liability Insurance
If your company offers any product, then you need this coverage. Even if you sell bales of hay, you will want each bale to be covered, not only to protect you but so that you can also compensate your customer. No matter what your product may be, product liability insurance will protect your business.
Professional Liability Insurance
Whether you are a doctor, lawyer, therapist, or hey, even an insurance agent, you will need professional liability insurance. Sometimes referred to as errors and omissions insurance, it covers you against errors, negligence, and malpractice in your profession. Some professions require this type of insurance to practice.
Commercial Property Insurance
Property is a broad term that includes buildings, inventory, lost income, computers, company files, and money. All-risk property insurance policies can cover it all; except in the event of certain noted exceptions like nuclear war or a zombie apocalypse. Some businesses may also need peril-specific policies that cover distinct risks associated with your business.
Home-Based Business Insurance
Don’t count on your homeowners’ insurance to cover your home-based business. It may cover some of your business property but won’t cover general, professional, or product liability.
Speaking of professional responsibility, your insurance agent has a responsibility to advise you on the coverage you need to protect your business. At Wrangler, we take that responsibility seriously.